Image source: Universal Display.

Universal Display (OLED -1.52%) just reported results for the first quarter of 2014. Compared to the year-ago quarter, Universal Display swung from $0.10 GAAP loss per share to a $0.09 profit. Revenue surged 150% higher, landing at $37.8 million. Analysts were expecting earnings of $0.02 per share on $31 million in revenue; the company breezed past both targets.

Looking ahead, Universal Display pinned its full-year revenue guidance to the high end of its previous $190 million to $205 million range. Street firms are currently looking for full-year sales near $199 million.

First-quarter sales were driven by strong orders for red and green OLED emitters, as well as green host materials. Material sales jumped 177% year over year. License royalties were not a factor in this period, falling between two payments from largest customer Samsung Display. As a reminder, Samsung's license payments will increase from $40 million in 2013 to $50 million this year.

Universal Display CFO Sid Rosenblatt highlighted Universal's ability to deliver the right materials on demand, along with growing OLED manufacturing operations on a global level. "In recent months, we were very pleased to see new products, including flagship launches, showcasing our phosphorescent OLED materials and technologies," Rosenblatt said in a prepared statement. "Looking forward, we are excited about new growth opportunities in the mobile, wearable, TV and lighting markets."

Following the report, Universal Display shares jumped more than 10% higher in after-hours trading.